Savills and CBRE have been jointly appointed by JD Wetherspoon to dispose of the group’s regional portfolio of licensed properties in Cork, Waterford, Galway and Carlow.
The entire portfolio is guiding in excess of €10 million.
‘Extensive Investment’
“The Wetherspoon portfolio offers a rare opportunity to acquire an exceptional collection of landmark licensed properties in some of the most coveted locations in the country,” said Stephen McCarthy of Savills.
“Accordingly, we anticipate the portfolio will appeal to a broad cross-section of hospitality groups seeking to scale their existing operation and benefit from the extensive investment which has already being committed to these assets.”
‘Turnkey Condition’
Three of the properties are trading and comprise An Geata Arundel, in Waterford, the Linen Weaver, in Cork, and the Tullow Gate, in Carlow.
Savills has noted that each of the properties has undergone extensive refurbishment and presents in ‘turnkey condition’.
City Centre Location
The fourth property is the former Carbon Nightclub – on 19-21 Eglington Street, in Galway – which is not trading, but has recently been granted planning permission to permit licensed premises and restaurant use.
Savills noted that, due to its prime city centre location, it is likely that the site will also appeal to developers.
The portfolio is being offered for sale by private treaty in one or separate lots.
‘Unique Opportunity’
“The trading properties in Cork, Waterford and Carlow are presented in excellent condition, offering a rare opportunity to acquire the businesses individually or as a portfolio,” said John Hughes of CBRE.
“The property in Galway city centre presents a unique opportunity to develop a landmark licensed premises or alternative uses, in the heart of the city.”
